Sean Burton runs one of the most integrated multifamily platforms on the West Coast. As CEO of Cityview, he oversees development, construction management, and property management across ~40 assets in supply-constrained markets. That full-stack view matters right now because capital is moving—and underwriting discipline will separate winners from passengers.
Theme: Debt is back, development capital is selectively returning, and OZ 2.0 arrives in 2027. But the only rate that really matters for valuations is the 10-year, not the headline cut. If you build your thesis on structure, not dirt, regime changes will find you out.
Five questions Sean answers:
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What's actually happening in debt? Why are private-credit spreads at cycle lows and banks re-entering, and how should sponsors lock terms without over-betting on near-term policy cuts?
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Where is equity leaning now? Why are insurance companies and bulge-bracket managers warming to development in true supply-constraints—and why are coastal markets back in the conversation?
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Do tariffs and immigration enforcement change cost and schedule? What did a 17-sub deep-dive reveal about hard costs (+2.7%) vs. headline noise—and how should you interrogate your supply chain?
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How should investors think about policy-driven liquidity (Basel relief, rate cuts) vs. the cap-rate anchor at the long end? Where's the line between stimulus and a "sugar-rush" that lifts the 10-year?
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What can cities do—practically—to attract capital? Why San Diego's timeline certainty (with real affordability requirements) is winning 1,000-unit pipelines while LA's political risk still prices deals wider.
If you're underwriting 2025–27, this episode is a field guide: fundamentals over financial engineering, explicit policy-risk pricing, a 2027 OZ relaunch plan, and a daily read on the 10-year. Capital is available; discipline is scarce.
Tune in for the full conversation with Sean Burton, CEO of Cityview—and pressure-test your next IC memo against his playbook.
